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4 Comments

  1. John Baldwin

     /  May 10, 2018

    With potential quarterly reporting – ATO will pick up mistakes if it can process all the data?

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    • Here are a few things Auditor Belinda Naisbett has pointed out may be missed:

      members avoiding contribution caps
      – asset value manipulation to manage pension & contribution caps
      – member account balance manipulation
      – acquisition of asset breaches
      – loans to members
      – non-complying LRBA’s
      – and the associated tax avoidance that all these activities would ultimately achieve

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  2. Gordon

     /  May 10, 2018

    Re: Audit: “One concern I have is if trustees make a mistake in year 1 that is not discovered until year 3, will they face 3 years interest charges on the penalties.”

    Which is why I use a quality SMSF advisor / administrator. And given the expense I would be displeased if any mistakes weren’t picked up before they reached the Auditor!

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    • Sounds good but they often don’t see your fund transactions until after the end of the financial year when it may be too late to fix a mistake/breech. Sounds like you are on top of the rules so are the sort of person this new rule will suit. Thanks for commenting, hope you find the blog useful

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